MIRA INFORM REPORT

 

 

Report Date :

24.09.2012

 

IDENTIFICATION DETAILS

 

Name :

SUNSEL INTERNATIONAL LIMITED

 

 

Registered Office :

L.R. No. 209/2492, Nanak House, 1st flr,

P.O. Box 3236 – 80100 Mombasa

 

 

Country :

Kenya

 

 

Date of Incorporation :

05.07.2006

 

 

Com. Reg. No.:

C.126237

 

 

Legal Form :

Private Co.

 

 

Line of Business :

Subject operates as an investment holding company.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

Limited with full security

 

Status :

Moderate

Payment Behaviour :

Unknown

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Kenya

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

KENYA - ECONOMIC OVERVIEW

 

Although the regional hub for trade and finance in East Africa, Kenya has been hampered by corruption and by reliance upon several primary goods whose prices have remained low. Low infrastructure investment threatens Kenya's long-term position as the largest East African economy. The IMF halted lending in 2001 when the government failed to institute several anticorruption measures. In the key December 2002 elections, Daniel Arap MOI's 24-year-old reign ended, and a new opposition government took on the formidable economic problems facing the nation. After some early progress in rooting out corruption and encouraging donor support, the KIBAKI government was rocked by high-level graft scandals in 2005 and 2006. In 2006, the World Bank and IMF delayed loans pending action by the government on corruption. The international financial institutions and donors have since resumed lending, despite little action on the government's part to deal with corruption. Post-election violence in early 2008, coupled with the effects of the global financial crisis on remittance and exports, reduced GDP growth to 1.7 in 2008, but the economy rebounded in 2009-10. GDP growth in 2011 was only 4.3% due to inflationary pressures and sharp currency depreciation - as a result of high food and fuel import prices, a severe drought, and reduced tourism. In accordance with IMF prescriptions, Kenya raised interest rates and increased the cash reserve in November 2011.

Source : CIA

 

 

 

 

 

 

BUSINESS PROFILE

 

Company Name (legal name)

SUNSEL INTERNATIONAL LIMITED

Date of Incorporation

 

5th July 2006

Registered No.

 

C.126237

Registered Address

L.R. No. 209/2492, Nanak House, 1st flr,

P.O. Box 3236 – 80100 Mombasa Kenya

Legal Form (General)

 

Private Co.

Head Office Address

Diamond Plaza, Masari Road

P.O. Box 2515-00200 Nairobi Kenya

Tel No

+254203749924

Fax No

-

E-mail

Not disclosed

Website

NONE

 

 

SHAREHOLDING DETAILS

 

MAJOR SHAREHOLDERS

NAME

% SHAREHOLDING

NATIONALITY

Sunil B. Mantri

20%

Indian

Elkanah Gekonye Mang’era

20%

Kenyan

Simon Muindi Mwanga

20%

Kenyan

Un-issued shares

40%

-

Total

100%

-

The subject has a nominal capital of KES.100,000 of 10,000 shares each priced at KES.10 each. Out of this only 6 shares have been issued. 

 

2.1 BOARD OF DIRECTORS:

NAME

NATIONALITY

Sunil B. Mantri

Indian

Elkanah Gekonye Mang’era

Kenyan

Simon Muindi Mwanga

Kenyan

 

 

MANAGEMENT PROFILES

 

MANAGEMENT

#1

First name

Sunil B.

Last Name

Mantri

Nationality

Kenyan

Job Description

Managing director

Other details

He is a co shareholder and director of the subject

 

#2

First name

Elkanah Gekonye

Last Name

Mang’era

Nationality

Kenyan

Job Description

Director

Other details

He is a co shareholder and director of the subject

 

 

FINANCIAL COMPARATIVES

 

The financial statement of the subject could not be obtained due to refusal by the subject’s principal to disclose information citing constraints by the company’s policy.

 

Financial Analysis

ROC Status

Undetermined

RecFin

Undetermined

Credit Amount

Undetermined

 

BANK DETAILS

Bank Name :

NOT DISCLOSED

Address :

NOT DISCLOSED

 

COMPANY SECRETARY

Name :

Jairus Ngaah (CPS No. 1215)

Address :

P.O. Box 42193 – 00100 Nairobi Kenya

 

 

BUSINESS OPERATIONS

 

Industry

Investment

Main Products & Services

The subject operates as an investment holding company.

 

 

COMMENTS & OBSERVATION

 

Comments

Additional information (Public Information)

 

The subject is legally registered and domiciled in Kenya. -

The subject operates as an investment holding company. The subject also trades as Sunsel National Ltd.

 

Source

Source

 

-Registrar of Companies

-National directories

-Regulatory authorities

-Subject’s principal

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.90

UK Pound

1

Rs.87.60

Euro

1

Rs.70.00

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.